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Good news. Immediate delivery; Were USAF waiting for the takeover issue to be resolved one way or another before placing the order?
Sorry I had forgotten that he was only recently appointed. It just irks me to see directors putting their snout in the trough, especially when a company is not doing well. This conditional award has been given at no cost, and without the company specifying the conditions. I guess it will be something really onerous, like having to attend at least 80% of board meetings in the next two years, or perhaps to achieve at least a 5% improvement on the current rock bottom SP within 12 months. He started on the 5th Nov, and it looks to me that he has been given just short of £900k as a signing on pressie.
It's a little harsh to blame the new CEO for destroying the share price; he only started on the 5th November. It was fairly well down by then. The rest of the Board looking quite guilty though.
Should have read "six figure salary".
Having destroyed the SP and made investors considerably poorer. The CEO leading this bumbling BOD is awarded share options worth just under £893,000 at todays low price of 216p per share. I assume that he will be drawing a similar six figure for his sterling work. Nice work if you can get it.
Mark Papworth 17) Date of grant 21 NOVEMBER 2012 18) Period during which or date on which it can be exercised 21 NOVEMBER 2015 19) Total amount paid (if any) for grant of the option NIL 20) Description of shares or debentures involved (class and number) CONDITIONAL AWARD OF 413,412 1P ORDINARY SHARES UNDER THE CHEMRING GROUP PERFORMANCE SHARE PLAN 2006 21) Exercise price (if fixed at time of grant) or indication that price is to be fixed at time of exercise NIL 22) Total number of shares or debentures over which options held following this notification 413,412 1P ORDINARY SHARES
The content of both of your last two posts is no more than repetition of what Ron46 and I posted on this board over 5 hours earlier.
Chemring Group (CHG) Director name: Mr Mark Papworth Amount purchased: 50,000 @ 225.25p Value: £112,625 Chemring Group (CHG) Director name: Mr Peter Hickson Amount purchased: 50,000 @ 223.71p Value: £111,855
Chemring: Credit Suisse reduces target price from 330p to 210p, neutral rating kept.
another day another loss for the chemring share price... its getting to the point where you don't expect any advancement. The bottom line is that there is NO good news on the horizon. Directors buying shares have done NOTHING to advance the share, there is no good news due, broker downgrades are targetting a price of £2.10 which is realistic. There is no season of goodwill due @ Chemring. Sorry to be so pesimistic but its no good burying heads in sand. The share is shot.
She was appointed a Non-Exec Director back in 2011, so she's had plenty of time to save up. This is her first purchase. It's about time she put her hand in her purse.
Perhaps that's all Vanda had in her dealing account when asked by the new CEO to show some commitment.
That's more like it! Two directors have bought 50,000 shares each at a cost of over £110,000 per person. Better than the measely 3000 shares bought by Vanda Murray earlier, at £6,645.
I see 3 director purchases now, they are confident of something!
Hi Ghostface, I think CHG shareholders have been stunned into silence by the continual downward spiral of this stock. It has fallen from highs of above 700 in 2011, to briefly recover to 400p in August on talk of an offer, and then continued to fall into the 220p range on profit warnings and the offer collapsing. There is really not much to be upbeat about here! At least a director purchased 3000 shares yesterday. But hardly a real vote of confidence, I own more than that. Then to cap it all broker downgrades the stock. " Credit Suisse reduces target price from 330p to 210p, neutral rating kept." I think I'll go pour myself a large scotch, and listen to some Leonard Cohen music to cheer myself up.
I am really surprised as to the lack of posts from members on this particular share, why is that, most other shares have posts displayed every 2 minutes, this one seems to have people posting every few days! just an observational question. thanks
your appraisal of the bid is spot on and makes a lot of sense... i just think that there has too much gone on for another bid to come along in the near future... another bid is for the future once the new CEO has steadied the ship.. the share price will take a good while to get back above £3 and i fancied £4.50-£5.00 for a takeover figure.. best of luck to everyone with chemring shares.. i think we're gonna need it !!!
There are intangible assets in the balance sheet, yes there are, where else do you think Research and Development go? thats why there one of the leading companies in the fields they are in. If you want to find IED's that are very carefully buried and disguised and contain NO metal parts then you need some seriously good kit. The divi should really have been trimmed in my opinion due to general economic situation, there have been 2 profit warnings reducing anticpated profit, it does however still leave us making a good profit ! CEO has departed Carlyle i presume didnt want him these provided 3 dents in the share price, Romney not getting elected makes bombing Iran less likely so that was it for them they wanted CHG cheap last dent in the price ! We long term investors in CHG now have to wait for this to climb back to £3.30 ish, i am sure this will get there or close to it, what has happened is a typical market overreaction Investec are still holding and i have topped up. DYOR
@kenj Now that you mention Mouchel ... this is the company that came to mind when I thought of CHG. MCHL had a fantastic run in growth ... until it didn't. Maybe I'm reading too much into it. There just seems something fishy about this share ... it's had a great growth run, and yet is sits on a measely PER of less than 5. That's odd for an ostensible growth company. The fact that Carlyle lost interest also makes me suspicious that they found something untowards.
should have known better than to hope for a buy out: the only time i've ever had a double up at horse racing is when i had two non-runners !! only option for me is to hold hold hold... looks like its gonna be a long haul..... cant see anyone else wanting to buy them: lets just hope that the new CEO can stabilise the ship and stop it sinking: here's to 2016 !!!
I am affraid being economical with the truth is endemic at all levels of society in today's Britain. I am aware of Directors responsibilities, but the FSA do not constantly monitor company statements. Unless a complaint is made, or the newspapers flag up a blatent breach of regulations, it is unlikely the FSA will get involved. I also do not think that the directors were as forthright as they might have been. However, proving that they lied or misled the investors is almost impossible. They can simply claim they were not aware of this information, or that they failed to predict the outcome of earlier events. Being ignorant or stupid is I am affraid no bar on being a company director.
I can only refer you to the handbook published by the FSA in its role as the UK Listing Authority which details the listing, disclosure and transparency rules for issuers (Companies) listed on the LSE. These rules require the directors of a Company to disclose without delay price sensitive information to the market. The FSA, using its powers under the Financial Services and Markets Act 2000 can impose a wide range of sanctions and censure. They may undertake an investigation under their own steam or as the result of a complaint from an investor. I know that the FSA isn't the bulldog that we would like it to be but anarchy has not yet been declared amongst the members of the stock exchange! There are rules out there governing behaviour intended to deceive........ Having said all that, I agree with you that the best sanction is the shareholders, and perhaps they should be asking some awkward questions the the forthcoming AGM. The point I was trying to make is that I believe that the directors have not been entirely honest and transparent with investors.
Please let me know if you find any "relavent authorities" who have a remit to monitor and question the behaviour of a Board of Directors. As I see it BOD's are at liberty to do exactly as they please as long as they stay the right side of the law. If enough share holders do not like what the board are doing, they have the right to call an EGM and oust the board members. I am unaware of any organisation that monitors the actions of company directors. If there was then Mouchel might not have been stolen from the share holders and divied out between the banks and the directors.
I do wonder whether the Chemring board doesn't have questions to answer in relation to misleading investors at the half year. Bearing in mind that this was less than 5 months ago, and at that time, whilst all was not completely sweetness and light with the hint of some contract delays, there was no real inkling that in the space of that 5 months, we would have 2 profit warnings, an aborted takeover and a displaced CEO. Investors are surely not naive enough to believe that the difficulties the Company were experiencing were not apparent at the time the half year results were published? Sounds to me like a ostrich head in the sand situation on the part of the board, but I do think that the relevant authorities would be justified in asking a few searching questions. Hopefully, the delays etc. are truly delays and not potential contract cancellations. I do believe that CHG is fundamentally a good Company; I would just like them to be a little more upfront with shareholders. Surprised the vultures aren't circling at the current share price which must be very close to NAV. Admittedly, there are intangibles in the balance sheet but even so..............
Credit Suisse reiterated its 'neutral' rating and 330p target price for defence contractor Chemring following The Carlyle Group's announcement last night that it will not be making an offer for the company. The broker said: "We see slim chance of other bids in the short term." While the shares trade at just 7.8 times forward estimated earrings, Credit Suisse said it is staying cautious, saying that the stock is "clearly volatile given earnings uncertainty".